China Invites Top Foreign Banks to Global Gold Exchange

May 27, 2014 08:43 GMT   Source:Scrap Monster

BEIJING (Scrap Monster):  China has added more glimmer to its dignified gold aspirations by inviting foreign banks and gold producers to take part in a global gold exchange in Shanghai that could challenge the dominance of New York and London in precious metal trade and pricing.

"China wants to have more voice in gold prices," said Mr. Jiang Shu, an analyst with Industrial Bank, one of 12 banks allowed importing gold into China. "The international exchange is the first step towards gaining a say in gold pricing."

According to the media report, China's central bank last week gave the Shanghai Gold Exchange (SGE) has approached Australia and New Zealand Banking Group, HSBC, Standard Bank, Standard Chartered and Bank of Nova Scotia.

"If you don't allow foreign players to participate in your market actively, or do not push Chinese financial institutions to participate in the international market, then China's strong gold demand is only a number, not a power," Shu added.

Last year China overcame India as the world's top gold importer and gold jewelry and investment demand, rising to a record 1,065.8 tons.
 

Share:
None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For news cooperation issue, please contact us by email:smmweekly@smm.cn
Copyright © SMM. All Rights Reserved

SMM Publication

China Aluminum Industry Chain Weekly 20140922 China Aluminum Industry Chain Weekly 20140922
Base Metals Consolidate as Fed Likely to Raise Rates Sooner, but Full...

SMM Events

2014 China Nonferrous Metals Industry Annual Conference 2014 China Nonferrous Metals Industry Annual Conference
The annual conference, attracting over 1,000 market players in...